20 December 2009

Bankruptcy Court Approves Condo Sale

Houston Chronicle

A bankruptcy court has approved the sale of 44 condominiums in the Endeavour high-rise on Clear Lake.

The winning bidder was a partnership named Wonmore Ltd. The group agreed to pay $9.5 million plus past-due taxes and interest, according to Houston attorney Walter Cicack, who represented Wonmore. The group also said it would pay normally budgeted homeowner assessments for 2010 for any condo owner current on their assessments for 2009. An official from the company could not be reached.

The closing on the units that were unsold when the property went into bankruptcy is scheduled for Dec. 15.

The closing on the units that were unsold when the property went into bankruptcy is scheduled for Dec. 15.

“Everyone expects a renewed interest in the project,” said attorney Deirdre Carey Brown, who represents one of the condo owners.

A backup bid for $9.25 million was assigned to a group including Andrew Rosenberg, who owns property in the area.

The 30-story Endeavour, at 4821 NASA Parkway, had been in legal limbo since earlier this year when its developer filed for Chapter 11 bankruptcy protection the day before the Houston apartments were scheduled to be sold in a foreclosure auction.

Regions Bank was listed as a creditor in the bankruptcy with a claim of $20.8 million.